Diageo (LON:DGE) lags FTSE 100 after Kenya court postpones ruling on $2.3 bln sale
Diageo shares fell late Thursday in London, erasing some of the 4.2% rise from the last two days. The stock is still down around 27% from its 52-week high of 2,142 pence. Sale delay weighs on Diageo’s balance sheet moves The legal holdup matters for Diageo. The company was counting on $2.3 billion in after-tax proceeds to help its balance sheet. Diageo had priced the deal at 17 times adjusted EBITDA, and said after the deal closed, its net debt-to-adjusted EBITDA would drop about 0.25 times.